Should America Save for Its Old Age? Fiscal Policy, Population Aging, and National Saving
We examine whether the aging of the U.S. population adds force to traditional arguments for boosting national saving and conclude--perhaps surprisingly--that it may not. Aging boosts the demands on future resources, but it also changes the rate of return the U.S. economy can expect from saving. We f...
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| Veröffentlicht in: | The Journal of economic perspectives 2000-07, Vol.14 (3), p.57-74 |
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| creator | Elmendorf, Douglas W. Sheiner, Louise M. |
| description | We examine whether the aging of the U.S. population adds force to traditional arguments for boosting national saving and conclude--perhaps surprisingly--that it may not. Aging boosts the demands on future resources, but it also changes the rate of return the U.S. economy can expect from saving. We find that the net effect on desired saving is small: some specifications imply that present consumption should fall by a fraction of 1 percent; others imply that consumption should actually increase. Thus, it is optimal to allow future cohorts to bear much/all of the burden of population aging. |
| doi_str_mv | 10.1257/jep.14.3.57 |
| format | Article |
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Fiscal Policy, Population Aging, and National Saving</atitle><jtitle>The Journal of economic perspectives</jtitle><date>2000-07-01</date><risdate>2000</risdate><volume>14</volume><issue>3</issue><spage>57</spage><epage>74</epage><pages>57-74</pages><issn>0895-3309</issn><eissn>1944-7965</eissn><abstract>We examine whether the aging of the U.S. population adds force to traditional arguments for boosting national saving and conclude--perhaps surprisingly--that it may not. Aging boosts the demands on future resources, but it also changes the rate of return the U.S. economy can expect from saving. We find that the net effect on desired saving is small: some specifications imply that present consumption should fall by a fraction of 1 percent; others imply that consumption should actually increase. Thus, it is optimal to allow future cohorts to bear much/all of the burden of population aging.</abstract><cop>Nashville, Tenn</cop><pub>American Economic Association</pub><doi>10.1257/jep.14.3.57</doi><tpages>18</tpages><oa>free_for_read</oa></addata></record> |
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| identifier | ISSN: 0895-3309 |
| ispartof | The Journal of economic perspectives, 2000-07, Vol.14 (3), p.57-74 |
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| source | Business Source Complete; Periodicals Index Online; American Economic Association; Free E-Journal (出版社公開部分のみ）; JSTOR |
| subjects | Aging Budget surplus Consumer economics Consumption Demographic change Fertility Fiscal policy Government Medicare National savings Older adults Population Population ageing Population aging Return on capital Savings Social security financing Statistics Steady state economies Sustainable consumption Symposium: Fiscal Policy U.S.A |
| title | Should America Save for Its Old Age? Fiscal Policy, Population Aging, and National Saving |
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